Andy Constan

Andy Constan

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Damped Spring Macro Research, Investing & investor education, Brevan Howard, Bridgewater, Salomon, Father of 4. Go Penn, Pats, Sox, No tweet is advice

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As a new bitcoiner is the bull case? 1. Limited supply results in gains as fiat currency is printed in excess of what is necessary to support the economy (store of value) 2. Use as a medium of exchange for real world transactions 3. Way for emerging market and other unbanked people to hold something besides their local currency It seems to me 1 is true of a lot of things and moves in fads 2. Seems awful for this purpose relative to other forms both fiat and stable. 3, seems literally fully replaced by stable coins. Whats the value proposition?

Maybe announcing 40BN of bills per month actually mattered to hard money. Dopiest balance sheet policy ever from the dopiest federal reserve ever. We went overweight gold the moment it was announced. There was no reserves problem. Only uneven distribution which they didn't fix

$MSTR is now a 1.27 times levered ETF trading at its NAV and paying 10% for its leverage. It was always this and was never anything other than this despite the nonsense from the silly investors, the company and its founder. It has no GAAP earnings despite the practically fraudulent use of ASU 2023-08. It has no justification for being valued with a P/E. It has a significant on going problem as it had no earnings an ongoing dividend pavements. It also should not have been added to NDX 100 and will never be added to the SPX or any "corporate" index. BUY BTC or IBIT for your BTC exposure not this clear and obvious scam.

TGA is so large because bills outstanding is so large. Currently the US Treasury has roughly 6.4TN of bills outstanding. Bills require refinancing frequently. In fact every 5 days bills redemptions are 550BN on average over the last 6 months. The Treasury General Account is

Today $IONQ did a disgustingly bad new deal for its existing shareholders selling a package of things worth 137 for 93. The investor paid 93 per share and got 1 Share of stock and 2.0 7 year warrants to buy stock struck at 155 That package of things doesnt trade in the public

Whatever form you prefer for long term savings, (balanced diversified beta, long equities only, long gold only, 60/40, long crypto only, passive or modestly active). No judging on composition! What level of risk are you today

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